I have not gone through all the regs myself. But the general idea is to make prepaid cards more consumer friendly.

First, the rules ensure you know all the fees associated with the card. This includes monthly fees, reloading fees, ATM fees, etc. All of these fees should be more prominently displayed on the packaging.

You also are supposed to get your basic account information -- like balances and transaction history -- for free.

On top of that, protections for lost or stolen cards will now be extended to prepaid debit cards.

And, while, over-drafting and over-drafting fees are not eliminated, the new rules are supposed to make those more consumer friendly as well.

Many consumer advocates wanted to eliminate overdraft services entirely, due to high fees and interest costs. However, those services will still be allowed.

The new rules will apply to:

Traditional prepaid cards

Payroll cards

Student financial aid disbursement cards

Tax refund cards

Benefits cards, such as cards used for social security benefits and unemployment insurance.